Greg Combet to chair Future Fund

Net Zero Economy Agency chair Greg Combet is set to replace Peter Costello as chair of the Future Fund, commencing mid-year.

At a press conference in Canberra, treasurer Jim Chalmers said the appointment of Combet, who only recently relinquished his role as chair of IFM Investors to take up the role at the Net Zero Economy Agency, would "refresh and renew" an important economic institution.

"Greg Combet is a person of extraordinary breadth and depth and character and experience," he said.

"He is the perfect appointment to take the Future Fund into the future."

In the meantime, former Macquarie Group chief executive Mary Reemst has been designated as the interim chair of the Future Fund, assuming the position on February 4.

Reemst joined the Future Fund Board of Guardians for a five-year term in October last year.

The government also appointed Nicola Wakefield Evans and Rosemary Vilgan as part-time members of the Future Fund board.

"These two new member appointments will increase the representation of women on the Future Fund and continue the government's really strong track record of appointing women to senior roles in Australia's most important economic and financial institutions," Chalmers said.

Chalmers added that he and minister for finance Katy Gallagher dedicated considerable time, thought, and consultation in procuring an optimal blend of skills and experience to instil "fresh leadership" and "modernise the Future Fund".

Meanwhile, Costello received a commendation from Chalmers for his foundational role in establishing the Future Fund and for his significant contributions during his leadership tenure.

In October last year, Costello notified the government of his intention to step down and not continue as chair of the Future Fund.